Sales of existing homes in the Indianapolis area rose a brisk 30.6% in May from a year ago, the largest monthly jump since November of last year.

Sale prices also showed strong appreciation last month, rising 4.2% from a year ago to a median of $138,000. Seller received, on average, 92.5% of their original list price.

One reason for the strong sales: there are fewer homes to bid on. The supply of homes for sale last month in the 13-county metro area was down 16% from a year ago, to 13,135, said Metropolitan Indianapolis Board of Realtors. May sales totaled 3.328.

"May was the type of month Realtors have been waiting for in this slow and steady housing recovery," said Kevin Kirkpatrick, president of the Indiana Association of Realtors. "Buyer interest and confidence remain high, so we expect to be just as busy during the next few months as the housing recovery gains momentum."